Bitcoin's market cap hit an all-time high of $1.93 trillion on Thursday, November 21, when the asset hit an all-time high of $97,850.

This means its market cap is now larger than the world's sixth-largest company, Saudi Aramco, and just $230 billion behind e-commerce giant Amazon.

The firm, also known as Saudi Arabian Oil Group, is a state-owned oil and gas company and the national oil company of Saudi Arabia.

Bitcoin now accounts for about 11% of the gold market's market cap, which is $17.68 trillion, according to Companiesmarketcap. It's also more than half the size of the world's largest company, Nvidia, which has a market cap of $3.6 trillion, and 10% larger than the entire market cap of silver.

According to Bloomberg, the massive 6% price surge was sparked by discussions within Donald Trump’s team about whether to create a White House post dedicated to cryptocurrency policy.

Market analyst Tony Sycamore told the publication that “buyers are strangling sellers,” before adding, “While I’m not sure it will be a smooth ride as the price approaches $100,000, demand seems insatiable.”

On November 21, Bitwise CEO Hunter Horsley commented, “The single largest wealth transfer program in the world right now is not a tax or social program — it’s Bitcoin.”

“As Bitcoin succeeds, a large class of people with different worldviews and values will increasingly have the resources to express those views. This is a less obvious but significant way Bitcoin is changing the world.”

The largest Bitcoin holder, MicroStrategy, also announced plans to accelerate its purchases of the asset. Additionally, the debut of options on US spot Bitcoin ETFs has given a boost this week.

BTC Dominance Rising

Today’s price jump has pushed BTC’s market share to 61.8%, meaning altcoins are struggling.

Ethereum, which has a market cap of $377 billion — about the same as Netflix — has felt the brunt of these problems, failing to rise above $3,100 over the past week due to renewed FUD.

ETH has just 11% of the crypto market, stablecoins have 5.7%, and the rest of the altcoins are just peanuts in terms of market cap.

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